By Catherine Reagor | The Arizona Republic
Real estate analysts and agents see the market slowing through fewer sales. Metro Phoenix’s median home price, the standard indicator for tracking the market, fell in January for the first time since last summer.
But not all real estate experts rely on the median to track what’s happening with prices.
Tracking the average price per square foot of sales is something real estate analyst Mike Orr does every day.
“Average price per square foot is a useful measure because it allows us to compare prices in different areas and price ranges more effectively than using medians,” said Orr, publisher of the Cromford Report and director of the Center for Real Estate Theory and Practice at Arizona State University’s W.P. Carey School of Business.
